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TheStreet Open House

Lockheed Martin Announces Innovation Contest Winners

Stock quotes in this article: LMT

BETHESDA, Md., Dec. 18, 2012 /PRNewswire/ -- Lockheed Martin Corporation (NYSE: LMT) today announced five winners from the company's "Innovate the Future" challenge for creative ideas on how to enable a more secure future for the planet.

Thousands of people from more than 130 countries took part in the challenge, sharing and collaborating on ideas related to areas such as cyber security, healthcare, and renewable energy.

"We believe in the power of science and technology to make positive changes in areas of common need," said Dr. Ray O. Johnson, senior vice president and chief technology officer of Lockheed Martin. "Through this challenge and online forum, we are able to stimulate discussion on critical issues among a diverse community and identify potential solutions to wide-ranging issues."

All winners will receive cash awards from Lockheed Martin and assistance in validating and developing their idea through incubation services from the Maryland Technology Enterprise Institute at the University of Maryland's Clark School of Engineering.

Moble Benedict, an assistant research scientist in Aerospace Engineering at the University of Maryland, is the grand prize winner for his concept of a highly efficient, vertical axis wind turbine design for clean energy generation in urban environments. He will receive $25,000.

James Mutitu, a researcher at the University of Delaware, is the second place $10,000 winner for his idea to enhance solar cell efficiency through improved light-trapping techniques.

There are three, third place winners. Each will receive $5,000. Those recipients are:

  • Raymond Canzanese, a doctoral candidate at Drexel University, with an idea in the cyber security domain to detect malware more effectively through data fusion techniques,
  • Dick Dillon, representing Innovaision, LLC, with a concept to use online avatars to provide counseling services, and
  • Tamara Monti, a doctoral candidate at Italy's Universita' Politecnica delle Marche, with a novel concept of using photonic sensor to detect body tumors and identify the body's response to cancer therapies.

Participants submitted their ideas to an online collaborative website during a period of August 6 to September 30, 2012. Fifteen finalists were invited to present their ideas before a team of judges. Each submission was evaluated based on several criteria, including creativity and potential impact in addressing a critical global issue.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation's net sales for 2011 were $46.5 billion.

www.lockheedmartin.com

SOURCE Lockheed Martin Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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